describe Malaysia’s comparative advantages according to- Malaysia…

Question Answered step-by-step describe Malaysia’s comparative advantages according to- Malaysia… describe Malaysia’s comparative advantages according to-  Malaysia is a country in Southeast Asia consisting of 13 states and3 federal territories, separated by the South China Sea into twosimilarly sized regions, Peninsular Malaysia and Malaysian Borneo.The country covers 330,000 sq km and shares land borders withThailand, Brunei, and Indonesia and maritime borders with Singapore,Vietnam, Indonesia and the Philippines. The country enjoys many naturalports and a favourable position close to major markets in Asia and India.The national capital and largest city is Kuala Lumpur. With a population of over 32 million, Malaysia isthe world’s 44 th most populous country and has a small but growing middle-class.Malaysia was part of the British Empire until independence in 1957 and remains in the Commonwealth.In 1965, Singapore separated from Malaysia. The country is multi-ethnic and multi-cultural, which playsa large role in its politics. About half the population is ethnically Malay with large minorities ofMalaysian Chinese (the second largest overseas Chinese community in the world), Malaysian Indians andindigenous people. The government system is closely modelled on the British parliamentary system, thehead of government is the prime minister and the legal system is based on common law. The country’sofficial language is Bahasa Melayu, (Malay) while English remains an active second language withEnglish proficiency ranked as the 2nd best in Asia and the 13th best in the world. The constitution grantsfreedom of religion and makes Malaysia an officially secular state, while establishing Islam as the officialreligion. Approximately 61.3% of the population practice Islam, 19.8% practice Buddhism, 9.2%Christianity, and 6.3% Hinduism.Malaysia has had one of the best economic records in Asia with its GDP growing at an average of 6.5%per annum for almost 50 years. In 2016, the Malaysian economy had GDP of $314B (38 th largest in theworld) and GDP/person of $11,500. The currency, the ringgit, while tied to world oil prices, remains asone of the most stable currencies in the region.Malaysia is blessed with large tracts of fertile land and has been an exporter of natural and agriculturalproducts and remains the world’s largest exporter of palm. The country is also a major major petroleumexporter and has significant mineral resources including rich bauxite reserves which is essential toaluminum production. Today, manufacturing has a large influence in the country’s economy and Malaysiais one of the world’s largest exporters of semiconductors, electrical devices, and IT and communicationproducts- all industries supported by the large educated workforce. More recently, the government hasmade a concerted effort to developed the country into a centre of Islamic banking. Knowledge-basedindustries including tourism based on the countries ample shorelines and wilderness reserves areexpanding rapidly. In fact, tourism has become Malaysia’s third largest source of foreign exchange,although tourism is threatened by the negative effects of the growing industrial economy, air and waterpollution and deforestation. Malaysia’s largest trade partners are Singapore, Hong Kong, USA,Netherlands, Australia and Japan.Malaysia is one of the few developing countries to heavily subsidized education and healthcare.Malaysian citizens are entitled to free public education and basic healthcare services at government runclinics which are setting the standard for other developing nations. The overall infrastructure of Malaysiais one of the most developed in Asia and ranked 25th in the world. Its telecommunication network issecond only to Singapore’s in Southeast Asia and the country operates seven international ports and200 industrial and technology parks.Malaysia’s recent rapid development has attracted millions of migrant workers from across Asia. Themajority of these migrants are undocumented, a situation which the Malaysian government is strugglingto combat, and its treatment and crackdown on migrant workers is often criticized by international humanrights watchdogs. While the government has been stable, charges of corruption and unethical businesspractices which favour local competitors over foreign companies especially in key industrial sectors hasbeen reported. Also, regional religious and political conflicts within the country can interrupt normalbusiness dealings.Malaysia is a founding member of ASEAN which promotes freer trade in the regions. The country isclassified as an emerging economy by the World Bank but the Malaysian government has outlined theirideal in “Vision 2020”, in which Malaysia would become a self-sufficient, industrialized developednation by 2020.      Business ARBUS 301 Share QuestionEmailCopy link Comments (0)